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Business-Emer > Insurance > Flashcards

Insurance Flashcards

1
Q

Premium

A

Amount of money people pay to the insurance company

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2
Q

Types of motor insurance

A

3rd party fire and theft

Fully comprehensive

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3
Q

No claims bonus

A

If you don’t make a claim the premium is cheaper

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4
Q

3rd party fire and theft

A

If it’s your fault you are not covered or your car only the other person.unless is stolen or goes on fire. Cheaper.

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5
Q

Compensation

A

The money that an insurance company pays for damage

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6
Q

Fully comprehensive insurance

A

Everyone in the crash is covered, more expensive

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7
Q

One example of why there would be a loading

A

Young driver

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8
Q

One example of why there would be a discount

A

No claims

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9
Q

Proposal form

A

Filled out when applying for Insurance
Must tell the truth
The insurance company says yes or no

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10
Q

Policy

A

A contract between you and the insurance company that gives details about risks covered

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11
Q

Claim form

A

When you suffer a loss and you want compensation you fill it out. You may need evidence to back up your claim.

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12
Q

5 principals of Insurance

A 
Utmost good faith
Insurable interest 
Subrogation
Indemnity 
Contribution
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13
Q

Utmost good faith

A

You must always tell your insurance company the truth

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14
Q

Insurable interest

A

The item must have a value

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15
Q

Contribution

A

If you are insured by two or more companies, they will pay equal amounts which will add up to your compensation

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16
Q

Indemnity

A

You cannot make a profit from insurance

17
Q

Subrogation

A

If there is a dispute over who’s fault it is, the insurance company can continue the claim in your name

18
Q

Actuary

A

Works for insurance company , uses statistics to work out the risk of an accident happening, and the premium

19
Q

Insurance broker

A

Person who you pay to contact many insurance companies to find the best deal eg. Chill insurance

20
Q

Loss adjuster

A

Investigated claim for the insurance company, makes sure if the compensation is fair

21
Q

Assessor

A

Investigated claim for the person who has claimed, makes sure if the compensation is fair

22
Q

Risk

A

The likelihood of something happening

23
Q

Premium

A

Amount people pay for insurance

24
Q

Claim

A

When damage is done and asking the insurance company to pay for it

Business-Emer (7 decks)

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